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Lawmakers and Retirement Office Debate In‑House Investment Program, Staff Pay and Transparency Bills
Summary
Officials from the Retirement and Investment Office told the House Appropriations Government Operations Division that multiple bills before the Legislature could slow or alter plans to bring part of the state—s investment program in‑house, and detailed the expected costs, timelines and risks of the proposal.
House Appropriations Government Operations Division Chairman Munson convened the committee to review House Bill 1022 and related policy changes affecting the Retirement and Investment Office—s (RIO) internal investment proposal and compensation package.
RIO interim CFO/COO Rachel Kametz and Interim Executive Director Jody Smith updated the panel on changes between the Burgum and Armstrong executive budgets and identified pending legislation that could affect RIO—s budget. Chief Investment Officer Scott Anderson explained the technical and operational consequences of three bills he said could materially alter the office—s plan or ability to retain staff: House Bill 1319 (legacy fund disclosure website), House Bill 1330 (divestment from Chinese companies as drafted), and House Bill 1348 (repeal of the unclassified status/incentive compensation package).
Why it matters: RIO is proposing to bring roughly 15% of certain assets in‑house initially to reduce fees, improve rebalancing and cash management, and pursue modest active outperformance. RIO told the committee that doing…
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